ShimmerEVM Emerges as the Fastest-Growing Chain on DeFi Llama
In a span of just one month, ShimmerEVM has become the fastest-growing chain on DeFi Llama, thanks to its exciting offerings such as the newly launched Shimmer Sea decentralized exchange.
DEEPR, a DeFi platform that enables users to borrow and lend their assets, also made waves with the successful sale of its token, which sold out in a mere two minutes, indicating the community’s enthusiasm for future developments.
A little over a month ago, IOTA made history by introducing ShimmerEVM, a groundbreaking connection between two crucial blockchain ecosystems: IOTA’s sister network, Shimmer, and Ethereum. Since then, ShimmerEVM has experienced rapid growth and has already set new records as the community eagerly anticipates the arrival of innovative projects.
ShimmerEVM serves as a bridge between Shimmer and chains that utilize the Ethereum Virtual Machine (EVM). According to a community member’s recent observation on X, it has been the fastest-growing chain on DeFi Llama in a one-month period.
“The ShimmerEVM launch has been absolutely astounding. The entire community is buzzing with excitement. It has been an incredible journey with numerous remarkable milestones,” remarked one community member.
In just one month since its launch, ShimmerEVM has witnessed the introduction of ShimmerSea, a decentralized exchange that facilitates the trading of various tokens and NFTs. Powering this DEX is the LUM token, which was launched on October 14 and sold out in less than 10 minutes, making for an exhilarating moment.
Another significant addition to the ecosystem is Deepr Finance, a project that promises to deliver the most secure and efficient lending platform. Similar to its predecessors, DEEPR tokens sold out within two minutes just a week ago. Holders of these tokens can now trade them on ShimmerSea exchanges.
Yield farmers are now turning to Accumulator, the latest player in the market. This yield aggregator is specifically designed to maximize earnings on Shimmer. Despite being live for only a few weeks, it has already locked in over $250,000 worth of total value.
Accumulator simplifies the process of optimizing rewards from various liquidity pools on DEXes and other DeFi yield farming opportunities. This automated approach not only saves time and fees but also significantly boosts returns.
ShimmerEVM Raises the Bar
While most projects rush to launch their products and generate quick profits, the ShimmerEVM launch has set a new standard in terms of planning, development, and execution.
Since its inception, ShimmerEVM has experienced no outages, bugs, or disruptions. The first few months are crucial for any new project in the crypto world, and platforms that encounter glitches and bugs during this period quickly lose the trust of their users, with many never being able to regain it.
Furthermore, token-based security is integral to blockchain networks. Platforms that suffer from glitches and early user distrust struggle to attract investors and their tokens, leading to a lack of security and compounding their challenges, ultimately resulting in a loss of even more users.
Exciting developments are on the horizon for ShimmerEVM, including the introduction of a new bridge that will enable users to transfer assets such as Ether, Bitcoin, USDC, and Tether to the network. This will further strengthen the network and enhance its security.
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